Banks move stablecoin plans forward as BIS questions their role

Crypto Insight Summary: Despite the opinion expressed by the head of the Bank for International Settlements (BIS) that stablecoins do not qualify as money on a large scale, the largest banks in the world are shifting financial settlement and regular transactions to publicly accessible blockchains. Addressing the Jackson Hole Economic Symposium on August 28, BIS general manager Pablo... Crypto Insight Analysis: Direction: Bullish USDC / Bullish USDT / Bullish BUSD Impact: Minor Impact Horizon: Mid-term (1-8 weeks) Reasoning: Banks adopting stablecoins on public blockchains signals increased institutional adoption.